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Do You Need 20% down to Buy a Home?

A 20% down payment is ideal, but there are other options out there.

Do you have to put 20% down to buy a house? The answer is no, but putting 20% down is ideal for many reasons. Two main reasons are that your interest rate will be lower, and the seller will look at your offer in a better light. However, because this market is so competitive, plenty of people are putting less down so they can offer over list price. The insanity in our real estate market isn’t going away anytime soon, so that may be a good idea.

If you don’t have 20% to put down, even if you don’t have 10%, there are mortgage options out there to help you. There’s a 3% conventional loan, and if your credit isn’t great, you might be able to get an FHA loan with 3.5% down. There are an array of down payment assistance programs available to you, you just have to have the right people on your side.

If you have down payment questions or want us on your side to help, reach out to us via phone or our website. We would love to help.


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